To arrest the fall in shipments, the industry sought declaration of exports as priority sector and restoration of interest subvention scheme to exporters.

"Such a big fall of over 21 percent in exports is quite serious and is a pointer to the problems faced by the Indian merchandise in the global markets which are in the middle of slowdown. With the exception of the US, rest of the world, including China, Europe, is facing a squeeze," engineering exporters' body EEPC India Chairman Anupam Shah informed.

The manufacturing cost coupled with transaction cost must come down while the government needs to stand by exporters, Shah said.

Exporters' body FIEO too said that "continuous slowdown in demand in global markets" and liquidity problem are in a major way responsible for the double-digit negative growth in exports during the last quarter of 2014-15.

"What has become of even more concern is the fact that the decline during the last quarter of 2014-15 was on a low base as exports declined in all the three months of the quarter," FIEO President S C Ralhan cited.

"Double-digit decline in exports for three consecutive months is a cause of worry. However, with improved sentiment and Make in India initiative we have to reverse this trend," Ficci Secretary General Didar Singh urged.